Image:
Keith Richards: "We are renewing our calls to the FCA and HM Treasury to come up with an alternative to the current PI insurance market and Financial Services Compensation Scheme levy before the consequences drive the agenda."
The Personal Finance Society (PFS) has restated its warning to regulators that excessively high professional indemnity (PI) insurance premiums are crippling advisers' ability to work with defined benefit (DB) transfers.
According to the adviser body, advice firms have reported PI premium rising as high as 500% and has stopped them from working with clients on DB transfers. Since the Financial Conduct Authority (FCA)...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Tap into our community intellignece through our regular Pro Adviser poll.
- Be the first to hear about our events and awards programmes.
